ACA Retroactive Premium Subsidies: How to Get Reimbursed if Your Income Changes

Have you recently experienced an unexpected increase in your income that pushed you slightly above the poverty level for the year? If so, you may be wondering if you can still qualify for ACA health insurance subsidies retroactively. The answer is yes – you can! Here’s how:

What are ACA Retroactive Premium Subsidies?

The Affordable Care Act (ACA) provides a tax credit to help make health insurance more affordable for low- and middle-income individuals and families. This tax credit is known as a premium subsidy and it can be applied to the cost of your monthly health insurance premiums.

If your income is below a certain level, you may qualify for a premium subsidy. The amount of the subsidy you receive depends on your income and the number of people in your household.

If your income changes during the year, you may be eligible for a retroactive premium subsidy. This means that you can get reimbursed for the premium subsidies that you would have received if your income had been lower for the entire year.

How to Get a Retroactive Premium Subsidies

To get a retroactive premium subsidy, you need to file a tax return with the IRS. You can do this using Form 8962, Premium Tax Credit. On this form, you will need to provide information about your income for the entire year, as well as information about your health insurance premiums.

The IRS will use this information to calculate the amount of the premium subsidy that you are entitled to. You will then receive the subsidy as a refund on your tax return.

Do You Qualify for a Retroactive Premium Subsidy?

You may be eligible for a retroactive premium subsidy if you meet the following criteria:

– You were enrolled in a qualified health plan through the Marketplace for the entire year.
– Your income was below the poverty level for part of the year, but above the poverty level for the entire year.
– You did not receive any premium subsidies during the year.

How to Get Help

If you have any questions about retroactive premium subsidies, you can contact the IRS at 1-800-906-9675. You can also get help from a certified health insurance agent or broker.

Conclusion

Retroactive premium subsidies can help you to get reimbursed for the premium subsidies that you would have received if your income had been lower for the entire year. If you qualify, you should file a tax return with the IRS to claim your subsidy.